CENTRAL MATAURA GOLD DREDGING COMPANY.

Otago Witness, Issue 2499, 5 February 1902, Page 23

CENTRAL MATAURA GOLD DREDGING COMPANY.

The annual general meeting of the shareholders of th« Central Mataura Gold Dredging Company was held in the Board Room of the Agricultural Hall on Thursday. Mr D. J. Bews (chairman of directors)- presided, and there were about 20 shareholders present.

The following annual report was submitted: "Your directors, in issuing' their, report and balance sheet, would refer to the report issued* by them on September 7 last, in which the position of the company at that date was fully stated. Since then the returns from No. 2 dredge have been fairly satisfactory, and in a report from the dredgemaster dated 23rd inst. he states : ' Dredge is about 250 yds from thespot where the prospecting dredge got her good returns ' and adds : 'If we- were to keep in the best run, as the prospecting dredge did, our returns would be much better, but circumstances will only permit me to work the ground on a wide face. With the present prospects, the amount of. proved ground ahead, and as the dredge* is working satisfactorily, I anticipate the incoming year will be more prosperous than the ycax just closing.' The shareholders are aware that the company has sustained very serious loss in the burning o£ the smithy and sinking of No. 1 dredge, the causes of which, the directors regret to say, they have not been able to ascertain. Mr Graham, dredgemaster, having reported that he suspected foul play, the' matter was placed in the hands of the inspector of police, without ao far anything being discovered to bear out this suspicion. Owing to the high -state of the river, nothing definite can be ascertained regarding the condition of this dredge and its machinery, but the directors expect that by the date of the annual general meeting Mr Graham will bs able to report fully on this point. Since the last meeting of shareholders the directors have received another requisition requesting that an extraordinary general meeting be held, but in view of the annual general meeting they deemed it advisable to hold the same at the close of this meeting, due notice of which is herewith enclosed. The retiring directors are Messrs D. J. Bewa and J. M. Graham, and Messrs Barr, Leary, and Co. are the retiring auditors. All are eligible for re-election." The Chairman said that the shareholders had had circulars issued them giving particulars of the position of the company. In sending out the report the directors had intimated the loss and the bad fortune the company had sustained in having the blacksmith's shop burnt down and No. 1 dredge sunk. They had not been able aa yet to ascertain, the cause of the disaster to the dredge. He moved the adoption of the report.

Mr Lee roae to second it, but before doing so he said that he was of opinion that the extraordinary meeting which was to be held in. response to a requisition o£ some shareholders should be held first. Mr Graham resigned his seat on the board, and he believed Mr Bews would not be able to retain any of his directorships owing to an altered position ho held m the insurance company he represented? No doubt the> shareholders were quite prepared with the names of two whom they wished to appoint in. the place of these retiring directors. But it was quite possible the shareholders would like to re-elect an entirely new directorate-. If the extraordinary meeting were he!d, and there was an expression of opinion from the shareholders that they required entirely new blood, he was quite willing to resign. He had not consulted any his his co-director 3on the point, but that was his feeling in the matter. He would move that the meeting stand adjourned till after the extraordinary meeting. Mr J. J. Ramsay seconded the motion. Mr J. Graham stated that he resigned his Beat on the directorate some time ago, and did not seek re-election.

The motion, was carried. The extraordinary meeting was then held. Tt was held, to consider a. series of resolutions contained "in a circular signed S. Anderson^ sen., dealing generally with the management of the company, and to consider whether the actions of the directors in such management had been satisfactory or not. The Chairman said that, as Mr Lee had observed, ne could not stand again. His altered JCSfiiMSLW.^ H*3 Zealand Accident Inaur-

ance Company would bring^ him out- of town s lot, and in. consequence he- felt compelled to resign his seats on the different boards of which he was a director.

Mr S. Solomon, solicitor, said that he had i been, asked by severs! shareholders to attend this meeting. The very propei attitude adopted I by Mr Lee had to a large extent taken the wind out of the sails of those persons whe had taken, exception to the management. The persona who employed him to be there were of opinion that the management of the company, *as it at the present moment was unsatisfactory fo~ a variety of reasons. It was possible, however, that the directors,, like other men, had mademistakes. If, however, the other gentlemen occupying the same position as Mr Lee did were willing to resign it would be unnecessary to air a lot of grievances which the snar-^- , holders thought, at any rate, they had. Ther; ' could then be a new election, and the old directors could stand again. There was no necessity for the company to wash its dirty linen in. public. — (Applause.) • It would only depreciate their own property. Mr J. C. Thomson said he was the only other director at this meeting. He quita concurred with what Mr Lee had said. He had not spoken to him on the matter, but he was quite prepared to resignMr Bews said that the only other director was Mr Wheeler, who was unable to be present. A message was sent to Mr Wheeler, who sent a reply to the effect that he would resign, and would not stand again. Mr Thomson said he would not stand again. If that meeting had been, held in a businesslike manner, and had the objections been held in a businesslike manner, he would not have taken exception, to it at all. -were things in that- notice- which, if caarried out, would, simply represent a Waste of time, be a. cause of expense- to- the company, and a source- of irritation to the directors. Mr Anderson, said that the mattera referred to by Mr Thomson, represented- the views of shareholders at a distance. Dou-btless they felt so-re, and said 1 things' that they might not J otherwise have done. He hoped Mr Thomson j would stand. i Tt was then decided to proceed with the annual meeting. The adoption of the report was carried. The following directors were unanimously elected- — Messrs Robert Lee,. J. C. Thomson., J. E. Jones, T. A. Graham (Gore), and S. Anderson, sen, (Timaru). Messrs Barr, Leary, and Co. were appointed auditors.